How Blockchain and NFTs are changing the world of gaming industry
Blockchain has not just changed the way we think about currency. It also has created a new kind of digital asset – Non-Fungible Tokens (NFTs). It has been seen as a revolution in the gaming industry where users are chipping cryptos to earn more either crypto or NFTs.
An NFT is a kind of digital entity that is unique and non-interchangeable. Unlike cryptocurrencies, these tokens are not fungible. This means that you can own two different NFTs and they will be different – one might be worth more than the other, for example. They are also easier to use than traditional trophies or rewards in games for this reason. You wouldn’t have to buy an old trophy off eBay when you needed a new one – instead, your game could just give out a new NFT worth the same amount as the old one.
The use cases of NFTs are limitless, but the most popular ones are as follows:
- NFTs designed for online games to give players more information about their surroundings or items found within them
- NFTs designed as collectible card games without requiring any physical printing
With the rise of F2P games, people can now try out games for free before paying for them. In addition to that, the games have their own in-game economies which allow players to trade items and coins with each other.
The blockchain is being used in innovative ways to create a tokenized economy for these new types of games.
NFT is a type of digital good created using blockchain technology. It features a limited supply and cannot be copied or counterfeited. A NFT can also have unique attributes which can be upgraded over time through trading or spending cryptocurrency tokens on upgrades.
NFTs are taking gaming to a whole new level by creating more immersive and unique experiences with its tokenized economies. We will see more companies adopt this trend as they explore how it will change. For example, Dapper Labs is the company behind CryptoKitties – an “augmented reality game” that uses blockchain technology to create scarcity and reward gamers with digital assets if they play games on the platform.
NFTs can be used to make all kinds of games more interactive and engaging – from simple 1-person board games to complex video games with tens of thousands of players.
The gaming industry has not yet fully embraced the use of NFTs, but if it does start to use this technology soon it will be beneficial. Developers can use NFTs for gaming items, which could then be traded freely between players without requiring a transaction fee.